Bearish trend has been the experience of the Cryptocurrency market since the beginning of 2018. During the early stage of the year, optimism was still high on the certainty of recovery with different postulations and views from the Crypto enthusiasts.
As many Crypto enthusiasts agree that institutional investors influx into Cryptocurrency is key to the next phase of the industry, it was waited for in the approval of Bitcoin ETF which was rejected many times.
Also, the stability that trailed the Cryptocurrency market in the last three months which saw Bitcoin between $6500 and $7000 had raised much hope of the market ending on a high note in 2018.
However, the recent bearish trend that has seen Bitcoin price down to $4200 has shattered the hope of many and put many crypto enthusiasts in despair.
While many predictions of Cryptocurrency ending 2018 on a high note has been the order of the day on the lip of many enthusiasts before, this has changed to words of assurance of recovery in 2019. Only a few such as Tom Lee, the chief analyst of Fundstrat still believes in a rise to $15,000 in less than 40 days before the end of 2018.
John McAfee’s Thought On The Cryptocurrency Market
John McAfee is a prominent crypto enthusiast that is also well known for his controversies. During the beginning of the year, he had been very certain of Bitcoin taking bullish trend before the end of the year. He is of the opinion that Bitcoin value will rise to $200,000 and more in a couple of years.
The bearish trend that is taking place at the moment has made McAfee changed his view for 2018, however with hope of assurance for 2019 and years ahead in cryptocurrency market. This he posted on his Twitter handle recently.
People have panicked. But there’s no fucking need. We’re in a bear market. They suck, yes, and not like a hooker with no teeth. But I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring. Fucking relax.
— John McAfee (@officialmcafee) November 20, 2018
McAfee sees the crypto market as winter which is always followed by a spring. This indicates that even though short-term projection of the crypto market might not have been profitable to many the long-term projections is certain to be bullish.